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Trinity Investments & Certares Management Refinance East Miami Hotel For $185M

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FINANCED
$185,000,000

Florida

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Hotel
Financed 05/17/2024
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FINANCED

Trinity Investments & Certares Management Refinance East Miami Hotel For $185M

788 Brickell Plaza

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Hotel
Financed 05/17/2024
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Loan

The East Miami hotel in Brickell, part of the $1.05 billion Brickell City Centre, has secured a $185 million refinancing deal. The property features 255 guest rooms, 97 suites, event space, and multiple pools, covering a total of 352 keys in the vibrant area of East Miami.

Summary of transaction details:

Trinity Investments and Certares Management obtained the $185 million refinancing with Deutsche Bank providing a $152.5 million senior loan and KSL Capital Partners offering the mezzanine portion. The deal was facilitated by Mark Owens from Colliers International, representing the involved parties in the transaction.

Players

Mark Owens
2 deals$246.5M volume
BROKER

Deutsche Bank
LENDER

Details

FINANCED
IMAGE: Mark Owens, Sean Hehir & Michael Gregory O’Hara DATE: 05/17/2024 ADDRESS: 788 Brickell Plaza - East Miami MARKET: Miami ASSET TYPE: Hotel LENDER: Deutsche Bank (@DeutscheBank) & KSL Capital Partners LANDLORD: Sean Hehir - Trinity Investments; Michael Gregory O’Hara - Certares Management BROKER: Mark Owens - Colliers International (@ColliersInternational) LOAN AMOUNT: $185,000,000 LOAN TYPE: Refinance NOTE: Trinity Investments and Certares Management secured $185 million to refinance the East Miami hotel in Brickell, with Deutsche Bank providing a $152.5 million senior loan and KSL Capital Partners offering the mezzanine portion. The 352-key hotel, part of the $1.05 billion Brickell City Centre, features 255 guest rooms, 97 suites, and extensive amenities including event space and multiple pools. #

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$185,000,000.00

Monthly NOI$1,233,333.33
Monthly Debt Service$1,169,325.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00